Petrobras to Begin Exploration in Chaco Region

Brazil's federal energy company Petrobras (NYSE: PBR) will begin exploration for oil and gas in Paraguay's northwestern Chaco region, a Petrobras spokesperson told BNamericas, confirming local press reports.

So far there is no established investment for the exploration as talks with Paraguay's state oil company Petropar are still at an initial stage, the spokesperson said.

In addition, there is no timeline established yet for the exploration, local press reported Petrobras executives as saying.

On Paraguay's downstream front, Petrobras purchased earlier this year the operations formerly held by Anglo-Dutch oil company Shell (NYSE: RDS-B), including service stations, liquefied petroleum gas (LPG) outlets and outlets for the sale of aviation fuel at Paraguayan airports.

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